Query regarding interest on service tax
This query is : Resolved
08 February 2016
QUERY REGARDING INTEREST ON SERVICE TAX:
The rate of Interest for delayed payment of Service Tax was 13% upto 31-03-2011, & was 18% from 01-04-2011 to 30-09-2014 & at higher rates subsequently:
If an assessee is liable for paying Service Tax belatedly, Say, from 01-04-2010, can he calculate Interest on Service Tax @13% upto 31-03-2011, @ 18% from 01-04-2011 to 30-09-2014& at 18%, 24%, & 30% ( as applicable) from 01-10-2014?
Please enlighten me.
The rate of Interest for delayed payment of Service Tax was 13% upto 31-03-2011, & was 18% from 01-04-2011 to 30-09-2014 & at higher rates subsequently:
If an assessee is liable for paying Service Tax belatedly, Say, from 01-04-2010, can he calculate Interest on Service Tax @13% upto 31-03-2011, @ 18% from 01-04-2011 to 30-09-2014& at 18%, 24%, & 30% ( as applicable) from 01-10-2014?
Please enlighten me.
08 February 2016
Yes, interest has to be calculated at the graded rates.
09 February 2016
Your reply indicates 13% for first year, 18% for subsequent 3 years and 18% / 24% / 30% from Oct 2014. Am I right ??
09 February 2016
Your reply indicates 13% for first year, 18% for subsequent 3 years and 18% / 24% / 30% from Oct 2014. Am I right ??
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